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Note 8: Income Taxes | 3 Months Ended
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Sep. 30, 2014
Notes |
Note 8: Income Taxes | Note 8: Income Taxes The Company files income tax returns in the U.S. Federal jurisdiction and various states. The Company is no longer subject to federal and state examinations by tax authorities for fiscal years before 2010. The Company recognized no interest or penalties related to income taxes. The Company’s income tax provision is comprised of the following components:
| For the three-month period ended
(dollars in thousands) | September 30, 2014 | September 30, 2013
Income taxes |  |
Current | $2,316 | $1,263
Deferred | (935) | (240)
Total income tax provision | $1,381 | $1,023
The components of net deferred tax assets (liabilities) are summarized as follows:
| September 30, 2014 | June 30, 2014
Deferred tax assets: |  |
Provision for losses on loans | $4,049 | $3,696
Accrued compensation and benefits | 449 | 450
Other-than-temporary impairment on available for sale securities | 140 | 141
NOL carry forwards acquired | 853 | 853
Minimum Tax Credit | 130 | 130
Unrealized loss on other real estate | 38 | 38
Total deferred tax assets | 5,659 | 5,308
Deferred tax liabilities: |  |
FHLB stock dividends | 135 | 157
Purchase accounting adjustments | 702 | 1,533
Depreciation | 762 | 767
Prepaid expenses | 116 | 250
Unrealized gain on available for sale securities | 413 | 336
Other | 653 | 245
Total deferred tax liabilities | 2,781 | 3,288
Net deferred tax (liability) asset | $2,878 | $2,020
As of September 30 and June 30, 2014, the Company had approximately $2.3 million of federal and state net operating loss carryforwards, which were acquired in the July 2009 acquisition of Southern Bank of Commerce and February 2014 acquisition of Citizens State Bankshares of Bald Knob, Inc. The amount reported is net of the IRC Sec. 382 limitation, or state equivalent, related to utilization of net operating loss carryforwards of acquired corporations. Unless otherwise utilized, the net operating losses will begin to expire in 2027. A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax is shown below:
| For the three-month period ended
(dollars in thousands) | September 30, 2014 | September 30, 2013
Tax at statutory rate | $1,591 | $1,220
Increase (reduction) in taxes resulting from: |  |
Nontaxable municipal income | (131) | (129)
State tax, net of Federal benefit | 120 | 81
Cash surrender value of Bank-owned life insurance | (49) | (44)
Tax credit benefits | (98) | (82)
Other, net | (53) | (23)
Actual provision | $1,381 | $1,023
Tax credit benefits are recognized under the flow-through method of accounting for investments in tax credits.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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